Alison & Raul Elizalde

Sarasota Realtors

Alison and Raul Elizalde understand the Sarasota real estate market like nobody else. Their unique understanding comes from experience, specialized research, and deep community involvement. Their commitment to client service earned them the prestigious 5-Star Award given to the best real estate agents in Sarasota. Click here to learn more about Alison and Raul.

 

Newsletter!

e-mailed monthly

Suscribe today to our newsletter and receive invaluable information on the Sarasota Real Estate market. You won't find this information anywhere else!

 

The question of when the Sarasota real estate market will recover has dominated the thinking of buyers and sellers of Sarasota homes and condos. Although this cannot be answered with any certainty, there are strong indications that the worse has passed.

 

 

From the point of view of the number of condos and homes for sale in Sarasota, the growth in the number of listings has declined steeply. In the area west of US41, including Longboat Key, St. Armands, Lido Key and Siesta Key, the number of listings for single-family homes is currently about 20% higher than last year, but this has slowed considerably from the 120% growth that was the norm during the spring and summer of 2006.

 

The rest of Sarasota County is showing a more dramatic improvement, since the number of listings actually went down in July and August 2007 compared to the same months in 2006. Considering that in the spring of 2006 the number of listings was 6 times higher than during the prior year, the conditions seem to be heading in the right direction for anxious sellers.

 

 

The story in the condo front is remarkably similar. The number of listings is growing at a much lower pace than last year, although there is still somewhat of an increase in the number of condos for sale both in Sarasota and in Siesta Key, Longboat Key and West of the Trail.

 

The sales picture is more clearly encouraging: while listings have only stopped growing, sales not only stopped declining but actually have grown on a same-month comparison. This is especially true for the West of the Trail areas and the Keys. The number of home sales was higher than the prior year’s all through the summer months. The rest of Sarasota County, however, has not yet showed a clear improvement, although March and July offered some glimmers of hope.

 

 

The condo front offers a similar picture, where sales seem to be picking up especially in the Keys and West of the Trail areas. The rest of Sarasota County is not yet showing a clear improvement in the number of condo sales. The large spike in February 2007 is misleading, because it only reflects the final closing of downtown Sarasota new construction of sales that were contracted long ago.

 

 

In conclusion, the growth in the number of listings seems to be petering out while sales are improving, especially in the West of the Trail areas and in the Keys. The rest of Sarasota also seems to experience a plateau in the number of listings, but sales are yet to show a clear recovery elsewhere in the county. However, this might just be a matter of time. Recent news stories of various real estate investment companies looking at the area for buying opportunities may speed up the arrival of a turning point for sales.

 

When it comes to knowing the Sarasota real estate market, Alison and Raul Elizalde have the expertise and knowledge to help you see where you stand when negotiating your real estate transaction, whether you are buying or selling a property. Our track record, added to the unsurpassed reputation of Michael Saunders & Company as the premier real estate company in Florida's Gulf Coast, give you the peace of mind you deserve. Alison and Raul have been named Best in Customer Satisfaction by an independent research company.

 

Call us today at 941-350-7904 for a consultation, and visit our website, www.SarasotaProperty.info, for monthly updates on the Sarasota real estate market.